3. The company purchased supplies on account for $5,000 from ABC Company. DATE 1/30/03 ACCOUNT NAME Supplies Accounts Payable DEBIT 5,000 CREDIT 5,000 Did you increase or decrease Assets? Did you increase or decrease Liabilities? Did you increase or decrease Equity? Does this entry increase or decrease net income? "(can note that there is no change as an answer) 6. The company paid 60% of the balance due to ABC Company from transaction #3 above. DATE 1/30/03 ACCOUNT NAME DEBIT CREDIT Did you increase or decrease Assets? Did you increase or decrease Liabilities? Did you increase or decrease Equity? Does this entry increase or decrease net income? *(can note that there is no change as an answer) 5. The company received $6,000 in advance from its client, S Smith. The company will provide legal services over the next 3 months. DATE 1/30/03 CREDIT ACCOUNT NAME Cash Unearned Service Revenue DEBIT 6,000 6,000 Did you increase or decrease Assets? Did you increase or decrease Liabilities? Did you increase or decrease Equity? Does this entry increase or decrease net income? *(can note that there is no change as an answer) 10. The company determined that 1/3 of the services in transaction #5 above have been provided. DATE 1/30/03 ACCOUNT NAME DEBIT CREDIT Did you increase or decrease Assets? Did you increase or decrease Liabilities? Did you increase or decrease Equity Does this entry increase or decrease net income?" "(can note that there is no change as an answer)